Egypt introduces price index for fuel to revive economy

Egypt has created a new 95-octane gasoline automatic price index mechanism as part of a reform programme geared towards reviving the economy. The move is aiming to link gasoline prices to global oil prices.

Oil ministry spokesperson Hamdy Abdel-Aziz says the new mechanism will start in April and that 92-octane and 80-octane gasoline will not be affected. The government says, technical committee will be established to review the pricing mechanism every three months.